Although business operations were suspended over the weekend, Terra Classic (LUNC) burns continued as the community saw the burning of close to 15,197,890 (15.1 million) Terra Classic (LUNC) tokens throughout Saturday and Sunday amid a severely collapsing larger cryptocurrency market that has so far weakened investors’ confidence.
The total burn of 15.1 million tokens was the result of several burns totaling hundreds of thousands of LUNC tokens, with MEXC Global, a cryptocurrency exchange situated in the Seychelles, being responsible for the only notable transaction.
69% of the weekend burns were caused by MEXC Global
MEXC Global continues with its burns, as evidenced by the most recent burn of 10,587,780 (10.5 million) tokens, which represents 69.6% of the total number of tokens burned over the weekend. MEXC Global was one of the first exchanges to show support for the LUNC burn project. The burn transaction had a blank memo, according to information from Terra Finder, and it took place on December 18 at 20:12 (UTC).
In spite of the absence of a helpful cue that identifies the exchange, the burn transaction actually took place from an official MEXC Global-affiliated wallet, according to data from the LUNC burns surveillance platform by LUNCPenguins. Several members of the community have thanked the exchange for its dedication.
MEXC Global announced plans to reintroduce the 1.2% tax burn on spot trading within the platform in September. The exchange guaranteed to give transaction IDs for burns done from now until October 1 in exchange. Due to its dedication, MEXC is still the fourth-largest LUNC burner, burning a total of 1,017,206,565 (1 Billion) LUNC tokens cumulatively, second only to Binance in terms of the exchanges engaged.
The “Burnalot” initiative
Every other burn during the weekend was a transaction involving fewer than 100,000 tokens. However, the majority of them included memos indicating a connection to a recent campaign that was launched on Saturday by a Terra Classic influencer who goes by the name Crypto King.
https://twitter.com/CryptoKing_NFT/status/1604039842312355840?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1604039842312355840%7Ctwgr%5E79d3ceaf2703517fed314d8f591526ec48aab7ea%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fthecryptobasic.com%2F2022%2F12%2F19%2Fover-15m-terra-classic-lunc-burnt-over-weekend-amid-a-crashing-market%2F
All LUNC owners were commanded to burn at least 100,000 tokens to demonstrate their support for the cause. Posting on Twitter, the Terra Classic influencer wrote:
“Let’s start another $LUNC #BURNALOT CAMPAIGN! If every LUNC HOLDER burns 100,000 LUNA CLASSIC, we can burn 8.594.200,000 $LUNC today! Let’s do this! Post your #LUNCBURN in comments and I’ll retweet you!”
The memo “Burnalot ” that was assigned to the campaign by Crypto King appears on the majority of transactions made over the weekend and into the following week. These trades have cost between 99K and 150K LUNC. Despite the relatively small amount, continued participation will dramatically affect the supply of the asset as the burn initiative progresses. A total of 36.1 billion LUNC coins have been burned, with 20.1 billion coming from Binance.
LUNC and the problems of a larger Cryptocurrency market
The bears’ recent assault on the larger cryptocurrency market has not spared Terra Classic, even with all of the burning campaign’s support. As was previously said, the bearish storm has been compounded by recent FUD regarding Mazars Group’s decision to quit dealing with cryptocurrency exchanges as well as the macroeconomic climate in the United States.
As with other common assets, LUNC has fallen in value, as of the time of publication, it was trading at $0.0001399 after falling 14.47% over the previous week. The asset’s market worth has decreased from $1B to its present $834.87M value. Despite this, the community is enthusiastic about the asset’s revival and has adopted a number of changes in this direction.